The Business Exchange Bath & Somerset Issue 4: Summer 2017 | Page 29

HOUSING: THE MOST IMPORTANT THING ON THE POLITICAL AGENDA by Philip Cobb, Director, Cobb Farr Aside from Brexit, housing is perhaps one of the most important items on the political agenda. Asked for his number one policy, Jeremy Corbyn said it was tackling the housing crisis. And then in their manifesto, Theresa May and the Conservatives outlined radical proposals to allow councils to buy brownfield and pocket sites, at cheaper prices to enable building of “a new generation of social housing.” Theresa May said she would allow councils to borrow more money and reform compulsory pur chase powers. Currently councils assume that planning permission is gained and they would pay a price accordingly, but May is suggesting that they would pay a price more in line with the value of the land without planning permission. Many people believe that this sentiment of trying to increase land supply is a good idea as it would result in more houses being built. It is however controversial, because although the CPO (compulsory purchase order), would leave more money for councils to invest in social housing, it could also leave land owners short changed forcing them to give up their land for less. Although this concept would go completely against Tory principles of the past 50 years, it is a radical way for the Conservatives to try and solve the housing crisis. It might have proved popular with voters, but convincing everyone in the property sector might be a different matter. [email protected] @CobbFarr THE BUSINESS EXCHANGE 2017 29